Brookfield eyes growth in Brazil's hydroelectric power market

Canada-based power developer Brookfield Renewable Partners said that it will continue targeting merger and acquisition opportunities in Brazil's hydroelectric power market, according to a recent stakeholder memo.

According to Brookfield CEO Sachin Shah, the South American country's ailing economy has made generating assets ripe for picking, and indeed, the company has acquired more than 600 MW worth of Brazilian hydro, wind and biomass in recent years.

"In Brazil, we continue to see a market with little competition for investment opportunities," Shah said in a shareholder letter. "Many owners of hydro and wind remain in need of liquidity as the recession and lack of capital impact their core businesses."

According to the company's most recent quarterly statement, it has 72 MW worth of hydro currently under construction in Brazil, while its assets acquired in the previous year produced 113 GWh.